FTSE 100 rebounds from multimonth peak
On Wednesday, British shares tumbled, pulling back from their best value in more than a year, with utility stocks losing ground, though Tesco PLC surged as the retailer’s turnaround plan turned to be taking hold.
The FTSE 100 sank 0.3%, being worth 7,053.71. It follows the ascend of the previous session, which brought the blue-chips benchmark to its highest value since April 2015. On Tuesday, the index added 1.3%, hitting 7,074.34. As for its record closing peak, it’s 7,103.98.
Tuesday’s surge was driven by a tumble in the sterling to fresh 31-year minimums against the greenback. The British pound has been slammed since Monday, following Theresa May’s hint that the British government is on the verge of prioritizing immigration issues over access to the European single market in its Brexit discussions.
On Wednesday, the British pound kept driving lower, trading at $1.2721, sinking from $1.2727 late on Tuesday in New York.